24+ advanced learning loans a briefing for learners
TRANSCRIPT
![Page 1: 24+ Advanced Learning Loans A briefing for learners](https://reader030.vdocuments.mx/reader030/viewer/2022032803/56649e3f5503460f94b30afa/html5/thumbnails/1.jpg)
24+ Advanced Learning Loans
A briefing for learners
![Page 2: 24+ Advanced Learning Loans A briefing for learners](https://reader030.vdocuments.mx/reader030/viewer/2022032803/56649e3f5503460f94b30afa/html5/thumbnails/2.jpg)
What this briefing covers
• Background to 24+ Advanced Learning Loans
• Who is eligible?
• Key facts
• More on repayments
• A typical learner journey
• Useful links
![Page 3: 24+ Advanced Learning Loans A briefing for learners](https://reader030.vdocuments.mx/reader030/viewer/2022032803/56649e3f5503460f94b30afa/html5/thumbnails/3.jpg)
Do learners have to take out a loan?• Learners can take out a government-backed 24+
Advanced Learning Loan to cover the costs of course fees
• Learners aged 24 and over don’t have to take out a 24+ Advanced Learning Loan to fund their course
• Other options could include using savings or getting a loan from elsewhere
• It’s up to individual learners to decide on the best option for them, depending on their circumstances
![Page 4: 24+ Advanced Learning Loans A briefing for learners](https://reader030.vdocuments.mx/reader030/viewer/2022032803/56649e3f5503460f94b30afa/html5/thumbnails/4.jpg)
Who is eligible?
• Learners aged 24 and over at start of their course
• Must be resident in the UK
• Studying at Level 3 or 4: QCF Certificates & Diplomas, Access to HE, and A-levels
• Not means-tested or subject to credit checks
• Not based on what learners have achieved in school or on courses in the past (for the first loan)
![Page 5: 24+ Advanced Learning Loans A briefing for learners](https://reader030.vdocuments.mx/reader030/viewer/2022032803/56649e3f5503460f94b30afa/html5/thumbnails/5.jpg)
• You can have up to a maximum of four 24+ Advanced Learning Loans
• You can take one loan out at a time for non-A Level courses
5
Who is eligible?
![Page 6: 24+ Advanced Learning Loans A briefing for learners](https://reader030.vdocuments.mx/reader030/viewer/2022032803/56649e3f5503460f94b30afa/html5/thumbnails/6.jpg)
Who is eligible
For A Levels it is different• You can apply for a loan to fund each course you
take towards your A Levels – up to a maximum for 4 A Levels.
• This means you can have up to 8 loans at once if you’re taking each A Level as 2 separate courses (AS and A Level from 1 August 2015 or AS and A2 before 1 August 2015).
• The two courses must be in the same subject to qualify for a full A Level
• You can then still be eligible for three more loans for non A Level courses
6
![Page 7: 24+ Advanced Learning Loans A briefing for learners](https://reader030.vdocuments.mx/reader030/viewer/2022032803/56649e3f5503460f94b30afa/html5/thumbnails/7.jpg)
Key facts about the loan
• It doesn’t have to be repaid until you earn more than £21,000 a year
• It won’t affect your credit rating
• Repayments are linked to how much you earn, not how much you borrow
• There is no upper age limit
• Loan paid directly to your college or training provider
7
![Page 8: 24+ Advanced Learning Loans A briefing for learners](https://reader030.vdocuments.mx/reader030/viewer/2022032803/56649e3f5503460f94b30afa/html5/thumbnails/8.jpg)
Repayments
• 9% of income above £21,000 – irrespective of the number and amount of loan(s) taken out
• Interest rates are linked to inflation – a sliding scale of the Retail Price Index (RPI) for incomes of less than £21,000; up to RPI + 3% for incomes above £41,000.
• Repayments taken directly from your wage in the same way as tax
![Page 9: 24+ Advanced Learning Loans A briefing for learners](https://reader030.vdocuments.mx/reader030/viewer/2022032803/56649e3f5503460f94b30afa/html5/thumbnails/9.jpg)
Learner repayments (examples)
Annual income before tax Repayment amount
Up to £21,000 £0
£22,000 £7.50 per month
£25,000 £30 per month
£30,000 £67 per month
£35,000 £105 per month
£40,000 £142 per month
![Page 10: 24+ Advanced Learning Loans A briefing for learners](https://reader030.vdocuments.mx/reader030/viewer/2022032803/56649e3f5503460f94b30afa/html5/thumbnails/10.jpg)
Learner repayments (suspension, write-off)
• Suspended if income falls below £21,000 – such as a career break or unemployment –and only starts again when you earn over £21,000
• Outstanding loan balances written off: • after 30 years• on death (no family liability)
• If you undertake an Access to HE Diploma and then complete an HE qualification the outstanding balance may be written off
![Page 11: 24+ Advanced Learning Loans A briefing for learners](https://reader030.vdocuments.mx/reader030/viewer/2022032803/56649e3f5503460f94b30afa/html5/thumbnails/11.jpg)
Additional learner support
• £50 million bursary fund spread over two years (2013-14 and 2014-15)
• Support for mature students with learning difficulties or disabilities
• Help to meet costs such as childcare, travel, books and equipment
• Writing off outstanding loan for Access to Higher Education Diploma courses on completion of subsequent HE course
![Page 12: 24+ Advanced Learning Loans A briefing for learners](https://reader030.vdocuments.mx/reader030/viewer/2022032803/56649e3f5503460f94b30afa/html5/thumbnails/12.jpg)
Learner journey (step 1)
![Page 13: 24+ Advanced Learning Loans A briefing for learners](https://reader030.vdocuments.mx/reader030/viewer/2022032803/56649e3f5503460f94b30afa/html5/thumbnails/13.jpg)
Learner journey (step 2)
![Page 14: 24+ Advanced Learning Loans A briefing for learners](https://reader030.vdocuments.mx/reader030/viewer/2022032803/56649e3f5503460f94b30afa/html5/thumbnails/14.jpg)
Learner journey (step 3)
![Page 15: 24+ Advanced Learning Loans A briefing for learners](https://reader030.vdocuments.mx/reader030/viewer/2022032803/56649e3f5503460f94b30afa/html5/thumbnails/15.jpg)
Learner journey (step 4a)
![Page 16: 24+ Advanced Learning Loans A briefing for learners](https://reader030.vdocuments.mx/reader030/viewer/2022032803/56649e3f5503460f94b30afa/html5/thumbnails/16.jpg)
Learner journey (step 4b)
![Page 17: 24+ Advanced Learning Loans A briefing for learners](https://reader030.vdocuments.mx/reader030/viewer/2022032803/56649e3f5503460f94b30afa/html5/thumbnails/17.jpg)
Learner journey (step 5)
![Page 18: 24+ Advanced Learning Loans A briefing for learners](https://reader030.vdocuments.mx/reader030/viewer/2022032803/56649e3f5503460f94b30afa/html5/thumbnails/18.jpg)
Learner journey (step 6)
![Page 19: 24+ Advanced Learning Loans A briefing for learners](https://reader030.vdocuments.mx/reader030/viewer/2022032803/56649e3f5503460f94b30afa/html5/thumbnails/19.jpg)
Learner journey (step 7)
![Page 20: 24+ Advanced Learning Loans A briefing for learners](https://reader030.vdocuments.mx/reader030/viewer/2022032803/56649e3f5503460f94b30afa/html5/thumbnails/20.jpg)
Learner journey (step 8)
![Page 21: 24+ Advanced Learning Loans A briefing for learners](https://reader030.vdocuments.mx/reader030/viewer/2022032803/56649e3f5503460f94b30afa/html5/thumbnails/21.jpg)
Learner journey (step 9)
![Page 22: 24+ Advanced Learning Loans A briefing for learners](https://reader030.vdocuments.mx/reader030/viewer/2022032803/56649e3f5503460f94b30afa/html5/thumbnails/22.jpg)
Learner journey (step 10)
![Page 23: 24+ Advanced Learning Loans A briefing for learners](https://reader030.vdocuments.mx/reader030/viewer/2022032803/56649e3f5503460f94b30afa/html5/thumbnails/23.jpg)
Useful links
nationalcareersservice.direct.gov.uk/advancedlearningloans
gov.uk/advancedlearningloans
For advice on taking out a loan and managing your finances:
moneyadviceservice.org.uk